5 things about Muizzu’s ‘direct coup attempt’ claim in Maldives over bank decision

The Maldives President Mohamed Muizzu has ordered a probe into the Bank of Maldives’ (BML) recent decision to suspend US dollar payments from MVR (Maldivian rufiyaa) accounts, a move later revoked. Muizzue described it as an attempted “coup” against the government.

According to reports, BML decided over the weekend to stop debit card transactions and allowed a maximum monthly credit card spend of $100 for online transactions.

The police says, there have been no demonstrations but scathing criticism of govt on the internet. “Hundreds of ‘bot’ accounts have been used to encourage people to take to the streets to overthrow govt and incite public unrest.

The bank said the changes, which they have since rescinded, came “in response to the escalating usage of foreign currency spend on cards and the static sale of foreign currency to the bank”.

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Speaking at a gathering of the ruling People’s National Congress (PNC) on Monday night, Muizzu said the BML decision was against his advice.

“What was done, anyone with common sense would know that all these dots are connected, what was done is, just as Shiyam [Minister Shiyam] also pointed out, it was an attempted coup, by whoever was behind it,” he said.

Here are 5 key aspects behind Muizzu’s decision to call it a coup:

Probe the bank
President Muizzu announced that an investigation into the bank’s decision would be launched. He stressed that the government would not interfere with the investigation, ensuring it remains independent. “I will not hesitate to carry out the verdict after an independent investigation. That is justice,” Muizzu stated.

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Opposition involvement?
The Maldivian Democratic Party (MDP) has firmly denied any involvement in the alleged coup attempt. Fayyaz Ismail, MDP Chairperson, condemned the allegations, stating, “It is very lowly to claim that a coup is being attempted every time our Admiral Ameer gives a press conference.” He stressed that the MDP does not engage in coups but seeks to hold the government accountable.

Government’s stake in the Bank
Muizzu has raised concerns about the composition of BML’s Board of Directors, noting that although the board includes four government members, the remaining five are not associated with the government. This composition, according to Muizzu, undermines claims that the bank’s decision was influenced by government interests. In fact, he accused the directors of being more loyal to the previous government.

Sheer timing of the move
The controversy was further fueled by the timing of a press conference held by former Finance Minister Ibrahim Ameer, which coincided with BML’s announcement of the transaction limit. Critics have questioned whether this timing was intended to influence or provoke political reactions. However, Fayyaz Ismail argued that such claims are baseless and that the MDP’s actions are within their rights as an opposition party.

What happens now?
Muizzu has accused the opposition of attempting a coup in line with recent events in neighboring countries. The president has pledged to use all constitutional powers to prevent any illegal attempts to alter the government. Meanwhile, Ismail has suggested that the situation reflects internal government turmoil, with Muizzu potentially facing challenges to his presidency. “We’re witnessing President Muizzu lose his footing,” Ismail commented, hinting at possible internal political strife.